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Hong Kong Taoist Association Won Then School Issue 2 () 1192015 Newsletter Dear Parents, It has been two weeks since the school started. Students are gradually settling down to the normal school life.
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Hktawts stands for Report of Foreign Bank and Financial Accounts (FBAR), which is a FinCEN Form 114.
U.S. persons, including citizens, residents, and entities, are required to file hktawts if they have a financial interest in or signature authority over foreign financial accounts.
Hktawts can be filled out electronically through the BSA E-Filing System, by providing information about the filer, account details, and signature authority.
The purpose of hktawts is to combat money laundering, tax evasion, and other financial crimes by providing the U.S. government with information about foreign financial accounts held by U.S. persons.
Hktawts requires the reporting of the maximum value of each foreign financial account during the calendar year, as well as the account number, name of the financial institution, and other relevant details.
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